Murphy Oil Corp. on Wednesday reported first-quarter net income of $191.6 million, or $1.22 a share.
Adjusted for one-time gains and costs, earnings per share was $1.24.
Murphy Oil posted a loss of $42.1 million in the first quarter of 2022.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The Houston-based oil and gas producer posted revenue of $841.7 million in the period, exceeding Wall Street forecasts. Five analysts surveyed by Zacks expected $754.1 million. First quarter revenue in 2022 was $553 million.
"We are off to a great start for 2023 as we advance our strategy of Delever, Execute, Explore, Return," Roger W. Jenkins, president and chief executive officer, said in Murphy Oil's quarterly report. "We continued our execution excellence by maintaining strong well performance and uptime across all our assets."
Murphy Oil is an international oil and natural gas exploration and production company with offshore production in Southeast Asia, Canada and the Gulf of Mexico as well as North American operations.
In the Unites States, Murphy Oil produces the bulk of its oil and gas from fields in the Eagle Ford Shale area of south-central Texas.
The company moved its headquarters in El Dorado and an office in Canada to Houston in 2020.
Shares of Murphy Oil fell 11 cents on Wednesday to close at $34.17.